Business General Liability Insurance
Business General Liability Insurance is insurance that protects a company against third-party claims. These claims can be for bodily injury or for the damage done to someone else’s property. Beware though; ‘general liability’ does not protect personal property. Small and medium South Florida businesses from plumbers and tile companies in booming Delray Beach to bars and restaurants in Boca Raton to roofing companies in West Palm Beach can find what they need by contacting All Risk Insurance. We can let you know what you need and how to best protect your company From liability claims.
What Is Business General Liability Insurance?
General liability is a from of commercial business insurance aimed at covering the business for many of its risks. It is designed to protect the business from others who might file an injury or other claim against the company. There are many issues businesses must deal with, so it is important to take some of the stress off by obtaining and maintaining this kind of insurance.
While it does not cover your personal property, general liability provides a peace of mind that the company is protected from some outside threats. This protection allows the business to focus on other facets of the company. However, the business needs to take care that they have all the proper protection they need. Going without the insurance is a risk that should not be taken.
What General Liability Covers
- Third-party bodily injury – This can cover medical bills and rehabilitation for the injured party (not an employee).
- Product liability – This kind of liability occurs when someone gets injured or property is damaged as a result of products from the business.
- Third-party property damage – This can cover damage that happens to someone else’s property while the company was conducting its business.
- Libel, slander, and copyright – There may be a time when a lawsuit is filed against the business. The attorney’s fees, settlement and other expenses can be covered using the liability insurance.
What It Does Not Cover
- Employee injuries – This is covered by workers’ compensation insurance. Businesses, generally with more than one employee, must buy this insurance according to state law.
- Professional errors – This can be covered with professional liability insurance. This insurance needs to be purchased separately.
- Company property damage – This is covered by commercial property insurance. Purchasing this will allow the business to protect its belongings, like office equipment.
- Discrimination lawsuits – This is covered by employment practices liability insurance.
- Personal property – This could be potentially covered by a business owner’s policy.
- Vehicles and boats – This is covered by auto insurance. In South Florida, the business must purchase a commercial vehicle policy.
Even though Florida does not mandate that you have this kind of insurance, many businesses take the initiative to protect themselves. Furthermore, because of the legal environment and the propensity for lawsuits in South Florida, it is highly advisable to purchase protection.
The amount of insurance will vary from business to business and have a lot of variables that need to be taken into consideration. The starting amount any business should have is between $500K and $1 million. Riskier businesses such as roofing contractors, landscaping companies etc. should buy larger policies because their exposure to risk is greater. It is important to remember that if a business is run out of a home that homeowner’s insurance will minimally cover the business risk.
Need help deciding what coverage you need?
At All Risk Insurance, we’ll help you find the insurance that is right for you. We represent top-rated insurance companies, like Covington, Scottsdale, Capitol Specialty, Markel and Am Trust. We can find you what you need for a price that meets your budget. Business general liability insurance and commercial liability insurance are the same thing in Florida. So, if you are a small to medium sized business in the Broward, Palm Beach, or Martin counties located in Florida we can help. Call All Risk Insurance for a free quote today.